Polygon bridge conducts $480 million in transactions while MATIC revenues hit all-time high
- Net inflow on MATIC inflows multiplied five times over the past week, and the protocol’s revenue hit a new all-time high.
- DeFi and NFT projects are shifting from Ethereum to MATIC, contributing to higher revenue.
- The increasing gas price reduced the spam/ bot transactions on the network by nearly 50%.
- $480 million was bridged into Polygon over the past week, an increase of over 40%.
Decentralized finance projects are moving from Ethereum to Polygon despite the rise in fees on the MATIC network. The on-chain activity on Polygon is rising steadily, with a spike in inflows on the bridge.
Analysts expect MATIC to hit new all-time high
Polygon network’s native token MATIC ranks in the top 20 cryptocurrencies by market capitalization. Mihalo Bjelic, the co-founder of Polygon network, recently tweeted about MATIC’s success while being aligned with Ethereum.
One of the things I'm proud of is that @0xPolygon set a precedent by becoming a Top 15 project while being fully aligned with Ethereum (instead of trying to kill it).
— Mihailo Bjelic (@MihailoBjelic) November 4, 2021
I believe this will be a good example for all crypto founders.
Build on Ethereum, it's the right thing to do. https://t.co/2k4p9uK8H6
Net inflows on MATIC bridges have multiplied five times, hitting an all-time high. MATIC network has 4.4 million in daily transaction revenue, up 20% from last week. The total number of active users of the bridge has dropped to 18,666.
There is a significant drop in the number of users on the Polygon network, and experts consider this a result of the rise in transaction fees on the network. There has been a 50% drop in the number of daily active users since the increase in fees.
Over the past week, $480 million was bridged into the Polygon network. This marks a 40.25% increase over the past week.
Interestingly, the $28 billion security token company Enegra Group has moved from Ethereum to the Polygon network. Partnerships have increased the utility of the MATIC token.
Virtual gaming world Sandbox revealed their plans to migrate to the Polygon Network through a tweet.
We are currently on the Ethereum blockchain, with plans to migrate to Polygon soon :)
— The Sandbox (@TheSandboxGame) November 3, 2021
FXStreet analysts have evaluated the MATIC price trend and noted that Polygon network’s native token is on track to hit a new all-time high at $3.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
